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What is a property lien and how does it work? On today’s show, we’re explaining the different types of property liens, and what you can expect as a real estate investor. You’ll learn about different situations that might warrant a property lien, and how to understand your rights.
A property lien is someone’s legal right to your rental property. If debts are not paid, the lien holder is ensured by law to be paid back. In essence, a lien is protection for the lender or other party. A lien is recorded at the county and a notice is sent to the property owner.
A good lien is typically a mortgage, HELOC, or other type of lender. Banks automatically put a lien on your property when you take out a mortgage, simply to ensure they will get paid back. Bad liens are from other debt collectors such as contractors or utility companies. Another example of a bad lien is if you do not pay your taxes.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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